CAF and Commonwealth Secretariat to Boost Development and Climate Action in the Caribbean

CAF -Development Bank of Latin America and the Caribbean- and the Commonwealth Secretariat signed an agreement to advance sustainable development and climate resilience initiatives across Caribbean Small Island Developing States (SIDS). This alliance will leverage both institutions' expertise to accelerate impactful projects that promote the economic and environmental wellbeing of Caribbean nations.

CAF’s Executive President, Mr. Sergio Díaz-Granados, and the Commonwealth Secretary-General, the Right Honourable Patricia Scotland, KC, outlined several areas for collaboration, all aimed at addressing the unique challenges facing SIDS -environmental vulnerabilities, access to equitable climate financing, economic shocks, climate adaptation needs, biodiversity degradation, and more.

An important aspect of the partnership focuses on gathering data and knowledge on the development issues facing Caribbean SIDS, with particular emphasis on the historical, political, and socio-economic circumstances of the English-speaking Caribbean. Both parties have also agreed to develop and support projects that focus on climate adaptation and mitigation, capacity building, and championing the needs of small and vulnerable states on the global stage, especially by advocating for increased access to international climate finance.

CAF’s Executive President, Sergio Díaz-Granados, highlighted the significance of the partnership, stating: “Advocacy for small and vulnerable states is critical now more than ever. We are committed to championing access to international climate finance, economic resilience, and fiscal sustainability, and we remain dedicated to amplifying the voice of Caribbean SIDS on all global platforms.”

At the recently concluded CHOGM, the Right Honourable Patricia Scotland KC, Secretary-General of the Commonwealth, underscored the urgency for justice and stronger financial support for SIDS, and the need to reform international systems that overlook their challenges.

During the signing ceremony, the Commonwealth Secretary-General emphasized: “We recognize and applaud the vital and compelling work that CAF does in the Caribbean, including financing specialized initiatives that enhance technical capabilities of its shareholder countries, and encouraging innovative programs that advance development and benefit people”.

This agreement comes months after the SIDS4 Conference in Antigua and Barbuda, weeks after the Commonwealth Heads of Government Meeting (CHOGM) in Samoa, and on the heels of COP29, where a global spotlight will again be placed on the unique needs of SIDS.

The signing took place at a symposium held by CAF, in partnership with the Commonwealth Secretariat and the Antigua and Barbuda High Commission, titled “Accelerating Collective Action in Support of Caribbean SIDS.” The symposium was part of CAF’s continued commitment to maintaining momentum on the unique challenges faced by SIDS and to amplifying the voice of the Caribbean in advocating for urgent action.